Shares of Kross made their debut on the NSE at Rs 240, matching their IPO price. Despite the hype surrounding the listing, the initial performance was lukewarm, with the stock seeing a notable drop post-listing. On October 28, it hit a low of Rs 158, signalling caution among investors. However, recent developments show a possible reversal of fortune.
Kross’s initial public offering, valued at Rs 500 crore, was met with strong demand. The IPO was open for subscription from September 9 to September 11, 2024, with a price range of Rs 228-240 per share. It was oversubscribed by 17.66 times, showing immense interest across all investor categories. The retail segment saw a subscription of 11.26 times, while non-institutional investors (NII) bid 23.40 times. Qualified Institutional Buyers (QIB) also demonstrated robust demand with 24.55 times bids.
The company has outlined several strategic uses for the funds raised from the IPO. These include:
On November 6, 2024, Kross’s share price surged 9.6% to reach Rs 210, marking a five-week high. This rally is the highest single-day gain since its IPO, boosting investor confidence. The stock has gained 15.33% this week, suggesting a renewed interest and positive momentum in the market for Kross shares.
The Board of Directors of Kross will convene on November 12, 2024, to review and approve the company’s unaudited financial results for the quarter and half-year ending September 30, 2024. Investors will closely monitor this meeting as the results and review report could impact the stock’s performance in the coming months.
With strategic use of IPO funds, strong subscription rates, and upcoming financial disclosures, Kross appears poised for growth. The recent stock surge hints at investor optimism, and the upcoming financial results will shed light on the company’s performance trajectory.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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